ATLANTA – The U.S. Small Business Administration (SBA) encourages businesses of all sizes, private nonprofit organizations, homeowners and renters to apply for a physical disaster loan before the June 5 deadline. Anyone in the declared counties in South Carolina with damages caused by the Feb. 6 - 7, 2020 severe storms and tornadoes should apply for the disaster recovery loan program.
The disaster declaration covers Spartanburg County and the adjacent counties of Cherokee, Greenville, Laurens and Union in South Carolina; and Polk and Rutherford in North Carolina which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
In accordance with health precautions for the Coronavirus (COVID-19), the SBA will not establish a field presence to assist survivors. However, SBA will continue to provide first class customer service and conduct outreach virtually with webinars, skype calls, phone assistance and step-by-step application assistance. To this end SBA has opened a Virtual Disaster Loan Outreach Center (VDLOC) to help survivors apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloanassistance.sba.gov/ and there are virtual customer support representatives available to assist applicants with completing the online application. The VDLOC information:
Virtual Disaster Loan Outreach Center (VDLOC)
Open: Monday – Friday
Hours: 8 a.m. – 5 p.m.
Closed: Saturdays and Sundays
Phone: 404-909-1535 or 571-422-1925
These services are only available for the South Carolina disaster declaration as a result of the Severe Storms and Tornadoes on Feb. 6-7, 2020, and not for COVID-19 related assistance.
Survivors should contact the Disaster Assistance Professionals at 404-909-1535 or 571-422-1925 to schedule an appointment for immediate one-on-one assistance in completing their applications. Requests for SBA disaster loan program information may be obtained by emailing FOCE-Help@sba.gov. The SBA will conduct extensive outreach to ensure that all impacted by the disaster are afforded the opportunity to seek assistance.
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to$200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Interest rates are as low as 3.75 percent for businesses, 2.75 percent for private nonprofit organizations, and 1.563 percent for homeowners and renters, with terms up to 30 years. The SBA customizes loan amounts and terms based on each applicant’s circumstances.
Applicants may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Applicants may apply for declaration #16410 online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to submit applications for physical property damage is June 5, 2020. The deadline for economic injury applications is Jan. 6, 2020.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.